Universal Display reported its financial results for Q3 2018. Revenues increased 26% from last year, to reach $77.6 million (material sales increased 9% to $51.2 million). Net income was $22.8 million (up from $13.5 million in Q3 2017).
UDC lowered its 2018 revenue guidance to $240-250 million. Even though the market has picked up in the quarter for its major customers (SDC and LGD), UDC's revenues and guidance disappointed investors.
UDC anticipates that 2019 will be a meaningful year of growth, with increased OLED adoption and capacity increases.
UDC updates that it is making "excellent progress in ongoing development work for commercial phosphorescent blue emission system". UDC also announced it has installed the first chambers of its pilot OVJP prototype system. The company is planning for additional chambers to be delivered by the end of the first quarter of 2019.